The Government will raise the SEC further to encourage employers to voluntarily re-employ workers aged 65 and above in 2015.
The SEC eligibility criteria
- Employers who hire Singaporean workers aged 65 and above earning up to $4,000 a month in 2015 will receive an additional offset of up to 3% of wages.
- With this enhancement, employers who hire such workers this year will effectively receive an SEC of up to 11.5% of an employee’s monthly wage.
The Silver Support Scheme (from first quarter of 2016)
- A permanent scheme targetted at the bottom 20% of Singaporeans aged 65 and above, with a smaller degree of support extended to cover up to 30% of seniors.
- Payouts of between $300 and $750 on a quarterly basis.
- The scheme will work in tandem with the Workfare Income Supplement to address income and wealth inequalities.
Eligibility For The Silver Support Scheme
- Eligibility depends on one’s lifetime wages, household support and housing type.
- Majority of seniors living in one or two-room flats can expect to receive Silver Support.
“It is heartwarming for us to learn of the Silver Support Scheme that DPM Tharman has just announced. A new, permanent Silver Support Scheme for low-income Singaporean earners aged 65 years and above will help them greatly in their mature years. Our low-wage workers who have done their part to shape the country in their prime years – many of whom are still working – well-deserve this…”
NTUC Assistant Secretary-General Zainal Saprari, in a Facebook posting